Canada Emergency Student Benefit (CESB)

The Canada
Emergency Student Benefit (CESB) application process will
begin tomorrow, May 15. We are providing $1,250 per month to eligible students,
or $2,000 per month to students with disabilities, or
those with children or other dependants.

This
is in continuation with our support to all Canadians. So far over 7.3
million Canadians have applied for $2,000 per monthCERB. 96,000 employers
have applied for the 75% wage subsidy to cover 1.7
million workers. 518,000 businesses have
applied for interest free $40,000 federal government-backed
loans.

The
CESB is for post-secondary students, new graduates as
well as high school graduates who will be starting a
post-secondary program in the coming months.

It
will also be available to Canadian students studying abroad and there
are no age restrictions and is for those who are
unable to work or seeking work but are unable to find it or working but
unable to make more than $1,000.

CESB
is part of our
support to students totaling $9 billion which
includes doubling of student grant amounts and a raised cap on student
loans for the upcoming school year. A six-month, interest-free moratorium
on student loan repayment is already in effect.

When
Canada emerges from this pandemic, we want
to ensure students are in a financial position to continue their studies so they can
pursue fruitful careers.

$213 million Federal Regional
Relief and Recovery Fund (RRRF): We
have just announced the RRRF which provides interest-free
loans to small businesses that do not qualify for, or have been declined for,
current federal government COVID-19 relief measures.

This
is to help small businesses whose revenues have been affected by
providing support for fixed operating costs,
including but not limited to capital lease payments, rent, property taxes,
utilities and insurance.

It
can be $40,000
interest free loan with 25% or $10,000 forgiven if paid back
by Dec 31, 2022. Or it can be up to $500,000
interest free loan which is 100% repayable (but no
repayment required until Dec 2022).

If
there is significant demand for the funding available, priority
may be given to manufacturing, technology, tourism or businesses that
support the federal government’s commitment to inclusive growth(i.e., women,
Indigenous peoples, youth, persons with disabilities, visible minorities,
newcomers, LGBTQ2) and Official Language Minority Communities.